My Money Mitra

New Jeevan Nidhi

  • LIC's New Jeevan Nidhi is a conventional with profits pension plan.
  • Life Cover:
    • Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee/ legal heir at the then prevailing immediate annuity rates.
    • Death after first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, Vested Simple Reversionary Bonuses and Final Additional Bonus, if any,shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee/legal heir at the then prevailing immediate annuity rates.
    • Benefit on vesting: Provided the policy is in full force, on vesting, an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, Vested Simple Reversionary Bonuses And final Additional Bonus,if any shall be made available to the Life Assured.
  • Option available to Life Assured for utilization of the benefit amount: The following options shall be available to the Life Assured for utilization of the benefit amount on vesting/ surrender.
  1. To purchase an immediate Annuity: The Life Assured shall have a choice to commute the amount available on vesting/ surrender to the extent allowed under Income Tax Act. The entire amount available on vesting/ surrender or the balance amount after communication, as the case may be, shall be utilized to purchase immediate annuity at the then prevailing annuity rates. Communication shall only be allowed provided the balance amount is insufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938. In case the total benefit amount is sufficient to purchase the minimum amount of annuity, then the said amount shall be paid as a lump sum to the Life Assured.OR
  2. To purchase a new single premium deferred pension product from LIC: Under this option the entire proceeds available on vesting/ surrender shall be utilized to purchase a new single premium deferred pension product provided the policy holder satisfies the eligibility criteria for purchasing single premium deferred pension product. The Life Assured will have to intimate his/her intention on to go for a particular option available on the date of vesting at least six months prior to the date of vesting or at the time of surrender.
Eligibility Criteria
Min. Max.
Age 20 60 for Single Premium58 for Regular Premium
Term 5 - Single Premium7 – Regular Premium 35
Sum Rs. 150000 for single PremiumRs. 100000 for Regular Premium No limit
Premium Modes Yearly, Half Yearly, Quarterly, Monthly
Yearly Premium For 1000000 Sum Assured
Age 30 Years 32 Years 35 Years
25 30095 27743 24901
27 30291 28037 25195
30 30781 28576 25832

Jeevan Akshay VI

  • Immediate Annuity Plan - Annuity starts as early as the next month.
  • Single premium plan: "Pay - Once - Enjoy - Forever".
  • Options of Annuities to choose from:

  • Immediate Annuity per annum payable for the remainder of life.
  • Immediate Annuity per annum payable for 5 years certain so long thereafter as the annuitant may be alive.
  • Immediate annuity per annum payable for 10 years certain and so long thereafter as the annuitant may be alive.
  • Immediate Annuity per annum payable for 15 years certain and so long thereafter as the annuitant may be alive.
  • Immediate Annuity per annum payable for 20 years certain and so long thereafter as the annuitant may be alive.
  • Immediate Annuity per annum payable for life with return of purchase price on death of the annuitant.
  • Immediate Annuity increasing at 3% per annum (simple) payable for life.
  • Immediate Annuity for life with a provision for 50 % of the annuity to the spouse on death of the annuitant.
  • Immediate Annuity for life with a provision for 100 % of the annuity to the spouse on death of the annuitant.
  • Annuity for life with a provision for 100% annuity payable to spouse on death of annuitant with return of purchase price on death of the last survivor.
  • No medical examination is required for purchasing this policy.
  • Available for age at entry as low as 30 years and upto 85 years.
  • Eligibility Criteria
    Min. Max.
    Age 30 85
    Sum 10,0000 No limit
    Premium Modes Single
    Single Premium: Rs 100000 Plus taxation
    Age is consider 30 years
    Pension Mode A B C D E F G H I J
    Yearly Mode 7190 7190 7180 7160 7150 6890 5250 7080 6970 6860
    * Pension trends in option G
    Pension Yearly
    Pension Mode 1 2 3 4 5 10 15 20
    Yearly Mode 5250 5408 5565 5723 588 6668 7455 8243

    Vaya Vandana Yojana

  • This plan is Exclusively Designed for Senior Citizens
  • Guaranteed Pension offered by Govt. of India
  • Pension starts Immediately
  • Pension can be opted through Yearly, Half Yearly, Quarterly and Monthly mode
  • Life Cover equivalent to Purchase Price
  • Loan is Available after completion of 3 Years
  • Guaranteed Maturity at the end of the Term
  • Option of Premature Exit in case of any Critical Illness
  • This Plan is exempted from Service Tax
  • Eligibility Criteria
    Min. Max.
    Age 60 Years (Completed) No Limit
    Term 10 Years 10 Years
    Pension Rs.1000 Monthly Rs.3000 QuarterlyRs. 6000 Half-YearlyRs.12,000 Yearly Rs.10000 Monthly Rs.30000 Quarterly Rs.60000 Half-Yearly Rs.1,20,000 Yearly
    Pension Modes Available Yearly, Half-yearly, Quarterly & Monthly

    Jeevan Umang

  • Ideal for Savings and Retirement Planning
  • Avail benefit of Tax-Free Guaranteed Income of 8% for Lifetime
  • This plan offers whole life risk cover with Limited Payment Liability with loan facility after completion of 2 years
  • Discount offered in Premium for Higher Sum Assured
  • Sum Assured with Accumulated Bonus on Maturity
  • Back-dating Facility Available
  • Tax Benefit on Premiums paid u/s 80C
  • Tax-Free Maturity u/s 10 (10 D)
  • This Plan is exempted from Service Tax
  • Eligibility Criteria
    Min. Max.
    Age 90 Days (Completed)) 55 Years
    Term 100 Years – Age
    Premium Payment Term 15, 20, 25 & 30 Years
    Sum Assured 2 Lacs No Limit
    Maturity Age 100 Years
    Modes Available Yearly, Half-Yearly, Quarterly & Monthly

    Jeevan Shanti

  • Pay Single Premium and get Guaranteed pension for Lifetime
  • Choose from       1. Immediate pension or deferred pension options       2. Joint life pension or increasing income every year       3. Death benefit in lumpsum or in yeraly installments
  • Loan availability after completion of 1 year
  • Tax Benefit on premiums paid u/s 80C
  • Jeevan Shanti is a Single Premium Payment plan with guaranteed pension for lifetime
  • It has multiple options of taking pension from joint life pension for lifetime or increasing pension every year
  • The pension can be commenced immediately, or it can also be deferred
  • Guaranteed Bonus which will be added every month to the policy
  • The loan is available after the completion of 1 Year
  • The NPS subscribers can also opt for this pension plan
  • Death benefit can be availed in lumpsum or in installments
  • The policy holder will get the tax benefit u/s 80C
  • Eligibility Criteria
    Min. Max.
    Purchase Price Rs.1,50,000/- No Limit
    Pension Rs.1,000 Monthly Rs.3,000 QuarterlyRs.6,000 Half-YearlyRs.12,000 Yearly No Limit
    Age 30 Years (Last Birthday) Immediate Pension 85 Years except Option F 100 Year for Option F Deferred Pension 79 Years
    Deferment Period Applicable only for Deferred Pension 1 Year 20 Years
    Vesting Age Applicable only for Deferred Pension 31 Years 80 Years